How to Establish Your Business
Posted: May 13, 2021
Congratulations you have decided to start your own private practice!
Now you’re wondering, how exactly do I start a private practice? Believe it or not, you can do it all online in one day! What are you waiting for? Here is what you need to get started today!
Here are the first 5 tasks you need to complete to start your business (aka your private practice):
Decide on a business name
You want your business name to be completely unique to your personality and style as a therapist. For example, my private practice is named Sea Glass LLC. You can also make your LLC your name. I could have named my practice Jennifer Jenkins-Boitnott, LPC, LLC.
Take some time, be creative, bounce ideas off of family, friends, colleagues. It will come together!
Check SCC name availability
Your LLC name has to be registered with your State Corporation Commission and has to be available. You may have to try out a few different options before you find one that’s available.
An LLC (Limited Liability Corporation) is a very common business structure for therapists in private practice. Depending on your financial situation and your state requirements you may choose a different type of business structure. Discuss this with your accountant or do your research first.
Register your LLC
Now that you know the name you want is available, complete the registration process online and pay the filing fee. In Virginia the fee is $100 (as of Aug 2020). Once you pay the fee you will receive a confirmation notice with your SCC ID#. You will need this to register for your tax id.
Apply for tax id with the IRS
Once you have the SCC ID# you are ready to apply for a tax id number. This is like the social security number for your business. For businesses the tax id number is often referred to as the EIN (Employer Identification Number). You can apply for free online with the IRS and it will generate your EIN at the end.
Purchase a domain name
Once you have your LLC name registered go ahead and purchase the domain names that you want to have for your website. Even if you’re not quire ready to create a website yet, you will want to have a domain name that matches well with your business name. After you have some ideas of what LLC names are available in your area, check to see if the domain names are available too before you register the LLC name.